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Financial Services

CBN waives guarantor requirement for N50 billion COVID-19 loan applications

Applicants to the N50 billion credit facility, who have successfully completed the application processes and submitted their account details, should expect credit alerts 48 hours afterwards.



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The Central Bank of Nigeria (CBN) announced this evening that households and SMEs applying for the N50 billion COVID-19 Targeted Credit Facility would not be required to provide guarantors before the can access they can access the credit facility.

This is according to a very brief press statement that was posted on Twitter. The statement did not give any reason for the waiver.

READ MORE: 5 rules that Dangote has Adopted from The 48 Laws of Power

All applicants to the N50 billion credit facility, who have successfully completed the application processes and submitted their account details, should expect credit alerts 48 hours afterwards. If an applicant does not receive credit alert after 48 hours of submitting their account details, such an applicant should contact the CBN by calling 09010026900.

READ ALSO: Nigeria’s tier-1 banks earn N18.4 billion from account maintenance charges in Q1 2020

“All successful Household and SME applicants who have submitted their account details for the CBN N50bn COVID-19 Targeted Credit Facility should expect their accounts to be credited within 48 hours of such submission, otherwise they should call 09010026900.”

Successful applicants who are yet to receive their loans have been advised to visit here. Such applicants were also informed to submit “their account details in any bank of their choice.”

Recall that the CBN N50 COVID-19 billion Targeted Credit Facility was unveiled by the apex bank in response to the Coronavirus pandemic. The credit facility is aimed at providing financial relief to households and small businesses as they cope with the economic fallouts of the pandemic.

Nairametrics earlier reported that loan disbursements would be determined based on the activity, cashflow, and industry size of the beneficiaries. Each eligible SME will receive a maximum of N25 million while qualified households can access a maximum of N3 million each.

Emmanuel is a professional writer and business journalist, with interests covering Banking & Finance, Mergers and Acquisitions, Corporate Profiles, Brand Communication, Fintech, and MSMEs.He initially joined Nairametrics as an all-round Business Analyst, but later began focusing on and covering the financial services sector. He has also held various leadership roles, including Senior Editor, QAQC Lead, and Deputy Managing Editor.Emmanuel holds an M.Sc in International Relations from the University of Ibadan, graduating with Distinction. He also graduated with a Second Class Honours (Upper Division) from the Department of Philosophy & Logic, University of Ibadan.If you have a scoop for him, you may contact him via his email- [email protected] You may also contact him through various social media platforms, preferably LinkedIn and Twitter.



  1. Peter obatowose

    June 9, 2020 at 12:27 am

    Please what about the people that have submitted there guarantors form and collateral documents and have not received any further information or notice for the loan.

    • Iheanacho Ifeyinwa glory

      June 9, 2020 at 11:01 am

      I have submitted my application and my account details till now I have not received any massage on my email to know if i am eligible or not

      • Samuel Amantem

        June 12, 2020 at 2:03 pm

        Good day sir/madam, thks for good job you are doing, please send me the websites to apply for the cbn covid loan, l have been trying since but no way

        • Henry

          June 13, 2020 at 11:48 pm

          I had applied for loan no show since 21 05 2020

          • usman Idris Mahmud

            June 16, 2020 at 7:49 am

            Please how can I apply

          • Emmanuel Chukwuebuka

            June 19, 2020 at 4:07 pm

            please how did you apply

          • Musa sule

            June 26, 2020 at 9:01 am

            I need loan for business. I want to started block industry here in Abuja. Plz i need up-to 1.5millon

      • Salihu Abbas

        June 13, 2020 at 5:48 pm

        Pls guys which website am I to used to apply for the loan

        • Mujidat oyekunle ige

          June 29, 2020 at 9:18 am

          Please, how can I apply for the loan

      • Abdullahi Yusuf

        June 15, 2020 at 1:59 am

        are no see massage in my phone or email

      • Gbolahan Obadimeji Philips

        June 19, 2020 at 4:08 pm

        Can someone send me the link to the form? I have tried several times even the Microsoft aspect is problematic

      • Aminu Mohammed

        June 29, 2020 at 11:35 am

        I have submitted my application about two weeks ago,no message not notification about household loan


          July 6, 2020 at 12:29 pm

          Account name: Hussaini ALAMIN
          Bank : JAIZ BANK
          ACC NO : 0005027477
          BVN NO: 22286454106

    • Anonymous

      June 26, 2020 at 2:46 pm

      How can I apply please

    • Anyike David

      July 1, 2020 at 9:26 am

      We need more opportunities to be giving to many Nigerians to apply for this loan.

  2. Ehiowemwenguan Augustine

    June 9, 2020 at 8:21 am

    How can fg demanded such collateral from people he claim to help,is every body especially Nigeria farmers have people as level 12 up ward and above to stand as collecteral before an loan can be granted.Do you known we apply for covid 19 loan, after paying #3000 for process,we where told to go bring our mobility documents,our gaurantor Bvn and guarantor from level 12 upward to stand for us. Over a month now we applied until now we are still looking for gaurantor inlevel 12 and above,and they are not ready to release their Bvn even calling us 419.

    • Uthman El-yazaki

      June 17, 2020 at 3:44 pm

      Can Someone please send me the website for the covid-19 loan application?

  3. Yekeen sikiru kayode

    June 9, 2020 at 10:24 am

    There have send me approval message in my SMS box,I enter my browser to confirm it, there tell me to check back later… Please help me find solution sir..

  4. Anonymous

    June 9, 2020 at 10:47 am

    What of the case whereby you are told that you are receiving the loan on a 9% interest rate at a center. That is if you’re going for #500,000 loan,you will be paying #45000 as monthly interest. Then #45000 in 12 months is #540,000 and in 3 years when the loan elapses, you are paying #1,620,000 as interest for a #500,000 loan. This is too much na!!!. Some years back, financial aid given to Farmers by fg usually where at very low or no internet rate. The interest payable for #500,000 in 12 months is more than the principal amount. How will people be able to pay that. Fg should look into this ooooo

    • Comfort Emiola

      June 9, 2020 at 2:21 pm

      I submitted my own form on 16/05/2020 and they acknowledged receiving my form and.promised to get back to me in short time,, but yet to hear from them again, I don’t know what step to take now again

    • Emmanuel Bassey Udoh

      June 13, 2020 at 4:12 am

      I think you are not getting the whole thing here, the interest rate is per Annual not monthly, the interest rate is 5percent for a year, that’s if you pay back the loan in one year, but it exist one year their interest rate will increase to 9percent per annual. So check out your calculation.

  5. Commy

    June 9, 2020 at 11:03 am

    What is fg saying about the interest rate which exceed the principal amount payable in 12 months. I.e #500,000*9%=#45000.#45000*12 months=#540,000*3years=#1,620,000. I use to think that aid given to Farmers where usually at very low or no interest rate.

    • Anonymous

      June 9, 2020 at 10:27 pm

      I think the rate is 9% par annum not monthly,so check your calculation

  6. Chris Omekwe

    June 9, 2020 at 3:32 pm

    A regular Nigerian news browser or searcher, I’m disappointed that the information of the availability of this loan was not adequately disseminated. Is it too late now :this piece didn’t even say if applications are still invited and how and where to apply to

  7. Realist

    June 9, 2020 at 3:45 pm

    They already know where and who will receive what. The process is loaded heavily with political undertones. The arrangements is just a decor to fool the rest of us. If my observation is incorrect, let CBN published all beneficiary after the disbursements.

  8. Adebanke

    June 9, 2020 at 10:22 pm

    I applied for the loan, but my account number was not form was acknowledged to have been received and promised to get back shortly since 2/6/2020. Please, what is the next line of action. Thanks


    June 10, 2020 at 11:10 pm

    They requested for my account details but i logged out to imput the information, they rejected me and said my Ive already submitted.

  10. Nsarum

    June 11, 2020 at 8:08 am

    My candid advice to every person in leadership is to transparent in whatever scheme that is rolled out in order foster trust in the mind of the followers, knowing that every thing you’re gathering here on earth is vanity. I can’t envy you greed and myopic leader who is acquiring everything, both the one that is meant for the poor.

  11. Collins

    June 12, 2020 at 5:27 pm

    Pls sir/madam send me the website where I can apply for the loan. Thanks

    • Agasi Dennis

      July 8, 2020 at 10:42 pm

      I had applied for the loan, but I haven’t received any alert till now. I traveled and Quarantined on my way for two weeks some times last two months.

  12. Aiyedun Okpeme Glory

    June 13, 2020 at 9:32 am

    Pls sir I need the web site and link to apply

    • Nwani Ejike Edmond

      June 17, 2020 at 10:50 am

      Please sir how can I apply for the loan?

  13. Anonymous

    June 13, 2020 at 3:39 pm

    Please send the website or link to apply on the loan

  14. Onyemere pet onye

    June 16, 2020 at 10:18 am

    Pls where can I apply for the loan.

  15. Evang.comr.Mira Nwa God

    June 16, 2020 at 11:16 am

    Pls send the websites here so that people that want to key in will freely do so.and for the people in control of this money transaction, always know that GOD is watching in all you guys are doing tanks

    • Aondona Christopher

      June 26, 2020 at 10:13 pm

      I need a loan so that I can expand my card please.


    June 16, 2020 at 5:00 pm

    Please i applied since last month and attached my statement of account and i received their acknowledgement mail but up til now i have not heard from them again.

  17. NSIDIBE obot

    June 16, 2020 at 6:48 pm

    What are the requirement.when you want to applied the covid19 loan directly with Central bank of Nigeria. If approximately we process it would it been possible to have it

  18. Bello lawan

    June 17, 2020 at 2:57 am

    Please I need apply to this form,because i have venture business, provision enterprises,i am very eager to get assistance, because this lockdown was effect my business,

  19. Cyrilnelson ogbonna

    June 17, 2020 at 4:16 pm

    I applied for the loan and they approved a certain account to be paid into my account but up till now I have not received the money and it’s over a week now since I submitted my account details online

    • Anonymous

      June 18, 2020 at 9:30 pm

      My brother the same thing with me oo

  20. Edet Isangedighi

    June 17, 2020 at 10:11 pm

    For the past two weeks I have been trying to apply for the loan online but it has not been easy for me,am married and wife is currently pregnant she was teaching in private school before the outbreak of this global pandemic,my people it’s not easy on our side our plan now is to start up business we have a shop the main challenge is the finance to start up. We are ready to comply with the laydown rule until we pay off the capital. Please.

  21. Ashiru sulaiman

    June 17, 2020 at 11:12 pm

    please I need to apply this form,I am fermer, that is maen purpose of loan

  22. Idris tijjani ladan

    June 18, 2020 at 1:48 pm

    Please I need apply to this form because i have venture business plastics I am very eager to get this assistance because this lockdown was effect my business please sir

  23. shu'aibu sabo

    June 18, 2020 at 5:11 pm

    Please I want apply jaw can I do?

  24. David

    June 19, 2020 at 1:47 pm

    How can one apply

  25. Emmanuel Oguori

    June 20, 2020 at 9:07 am

    Am Mr Emmanuel Oguori from Delta State,I want to use the money to register my oil and gas industry from Abuja, God bless Nigeria

  26. Hussein muhammed

    June 20, 2020 at 1:14 pm

    How can I apply for the loan? Please I need the link.

  27. abdullahi

    June 20, 2020 at 3:50 pm

    i want to apply but i dont know how to apply sir can you show me or tell how do i do

  28. Justice James

    June 21, 2020 at 1:31 pm

    Justice James

  29. Adavba Emmanuel

    June 22, 2020 at 2:09 am

    Pls is d household loan application closed

  30. Yusuf abubakar

    June 22, 2020 at 11:21 pm

    I have applied since 17 June but no any information yet ,am I not qualify or what is the problem

  31. Eze Blessing Rita

    June 22, 2020 at 11:23 pm

    How do I apply pls

  32. Azeez Ibrahim Abiodun

    June 23, 2020 at 12:31 pm

    Good day!

    My loan was approved and I have submitted my account details since on 13th of this month. Yet my account has’t been credited.


      June 26, 2020 at 8:11 am

      I applied,got a automated massage in my email but till now i have not gotten massage as regards to uploading my account number.

  33. Anonymous

    June 24, 2020 at 1:30 am

    Please i want to apply for it ?

  34. Aimasiko Abiodun R

    June 25, 2020 at 1:37 pm

    I thank God for the help u bring out sir/ ma, my question is like how many weeks are my to wait as I have applied for the from.
    Thank you, God bless you.

    • Anonymous

      June 27, 2020 at 4:31 pm


      i want to apply for this loan this covid 19
      Have effected my b nnes hw do go about it pls

  35. Okachi Moses

    June 27, 2020 at 8:39 pm

    please help me out sir. I am a successful applicant .I have given my bank details but is about 96hrs now I have not received the credit alert. What do I do

    • Igbasanmi sunday

      June 28, 2020 at 11:40 am

      Pls sir which website because i want to apply for the covid-19 loan pls help me out sir.

  36. Olaitan Kolawole

    June 30, 2020 at 2:13 am

    The website to apply is:

    You can try to apply, though I don’t know if they are still accepting new applications.

    • Anonymous

      September 7, 2020 at 4:24 pm

      Iam Ahmad Muhammad help me Sir I want start business help me with some money

  37. Olamijulo Catherine

    June 30, 2020 at 6:19 pm

    I have tried to apply for the loan but its not opening. I want to be a beneficiary of this covid-19 loan. To support my business. Please help me

  38. Adeniyi Adeyemi Emmanuel

    July 28, 2020 at 4:56 pm

    I have been trying to apply through but at the stage where my bvn should be verified, it kept telling me “this bvn does not exist”. And therefore i couldnt proceed. What really is the problem? I really need this fund.

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Financial Services

Jim Ovia is set to earn N9.58 billion in dividend for FY 2020

The highly revered banker is the single majority shareholder of Zenith Bank as he directly owns 3,546,199,395 units of the fast-rising bank stock.



Jim Ovia: From a clerk to founder of Nigeria's most profitable bank

The founder and Chairman of Zenith Bank Plc, Mr. Jim Ovia is expected to earn a massive sum of N9.575 billion in dividend for the financial year ended December 2020

The highly revered banker is the single majority shareholder of Zenith Bank as he directly owns 3,546,199,395 units of the fast-rising bank stock out of the 31,396,493,787 ordinary shares available. This gives him an 11.29% direct interest in the Tier -1 bank.

It’s however important to note that such dividend is subject to a 10% withholding tax in Nigeria.

READ: Is Zenith Bank thriving on the strength of sound financial indices?

Recall that about a day ago, the Board of Directors of the bank in a statement released via the Nigerian Stock Exchange proposed a final dividend of N2.70, amounting to a total payout of N3.00 per share for the financial year 2020 (interim: N0.30).

This proposal reflects the past year’s robust performance and appears to signal that Zenith bank remains well-positioned to perform in the current financial year. However, there was a lower payout ratio at 40.9% compared to FY’19 (42.1%).

  • Key earnings drivers to the financial year performance under review were a 90 basis points drop in the cost of funds to 2.1%, which propelled net interest income (+12.2% YoY) and a 3.8x jump in revaluation gains to N43.4 billion.
  • These offset pressures from operating costs (the cost to income ratio rose 1.2ppts to 50.0%) and impairment charges (cost of risk rose 40basis points to 1.5%)

READ: Jim Ovia: From a clerk to founder of Nigeria’s most profitable bank

Described as the ‘Godfather of banking in Nigeria’ by Forbes Africa, Jim Ovia is quite popular for his business dexterity and leadership skills, especially in the banking sector.

His early interest in technology was the reason Zenith Bank became the first Nigerian company to have a functional website in 1995 and was able to smoothly migrate its operations from analog times to a digital era.

From a single branch in a residential building, Zenith Bank now has hundreds of branches all over Nigeria and several subsidiaries in other countries. The bank became a Public Limited Company in 2001 and was listed on the Nigeria Stock Exchange (NSE), and later on the London Stock Exchange (LSE).

On the 27th of April 2007, Zenith Bank Plc became the first Nigerian bank in 25 years to be licensed by the UK Financial Services Authority (FSA), giving rise to Zenith Bank UK Limited.

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Financial Services

Zenith Bank declares final dividend of N84.8 billion for shareholders

Zenith Bank declares final dividend of N84.8 billion for shareholders for 2020.



Zenith Bank Plc

The Board of Directors of Zenith Bank Plc has announced the payment of a final dividend of N2.70 for every share of 50k held by shareholders, amounting to a total of N84.8 billion for the year ended 2020.

This is according to a disclosure signed by the company’s secretary, Michael Osilama Etu and sent to the Nigerian Stock Exchange.

According to the notification, the final dividend will be paid electronically to shareholders on the 16th of March, 2021, subject to appropriate withholding tax and approval from the Company’s Annual General Meeting. Other pre-requisite conditions for payment are;

  • Only shareholders whose names appear in the registrar of members as at the close of business on 8th of March, 2021 will be considered.
  • Shareholders must have completed the e-dividend registration and must have mandated the Registrar (Veritas Registrar Limited) to pay their dividends directly into their bank accounts.
  • In lieu of this, it is pertinent to note that the register of shareholders will be closed on 9th of March, 2021.

Zenith Bank Plc had earlier paid an interim dividend of 30k to its qualified shareholders on 22nd of September, 2020, thereby raising the total dividend declared by the financial giant in 2020 to N3.00, indicating an increase of about 7.1% when compared to the total dividend of N2.80 declared in 2019.

What you should know

  • Zenith Bank reported a profit before tax of N255.9 billion for FY 2020, indicating a growth of 5.2% YoY
  • It also posted a Profit After Tax figures of N230.6 billion for the period under review, indicating a growth of 10.4% YoY.
  • It has total shares outstanding of 31,396,493,787 and officially closed trading today with a share price of N26.

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